Practice Test

W Ltd. issued 2,00,000 shares of Rs. 100 each at a premium of 20% on May 01,2015, payable as follows:
On application (including premium) Rs. 45
On allotment Rs. 25
On first & final call Rs. 50
Sunil to whom 10,000 shares were allotted, has paid Rs. 5,00,000 on June 01,2015. At the time of remitting the allotment money, he indicated that the excess money should be adjusted towards the call money. The directors of the company made the first and final call on October 31, 2015. The company has a policy of paying interest on calls-in-advance as per Table F of Schedule I to the Companies Act, 2013. The amount of interest paid to Sunil on Calls-in-Advance will be

Ajay Ltd. decided to redeem 10,000 Preference shares of Rs. 10 each at 10% premium. Balance in profit & loss account is Rs. 60,000 and in Securities Premium A/c is Rs. 10,000. You are required to calculate the minimum number of equity shares to be issued for the purpose of redemption if new equity shares are to be issued at 20% premium having face value of Rs. 10 each.

Redemption of preference shares can not be done out of: